Sharp Reversal On USD/JPY Suggests More Weakness After Rally
|USDJPY is making a sharp decline and is almost erasing all of the gains from last week, which suggests one thing at the moment; that bears are much stronger. In fact, we can see an overlap with the previous minor consolidation which means that current drop can not be corrective, especially not if it's made by smaller five wave drop. That said, we think that top is in for USDJPY and with more risk-off potentialy coming because of coronavirus, the pair may experience a lot more downside, but after a short-term rally.
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